CPA Assists Queen Creek, AZ Homeowners With Foreclosures and Short Sales

We are a local CPA firm and we specialize in assisting homeowners going through foreclosures and short sales. For a FREE consultation please contact us at 480-626-8043. End Quote

Phoenix-Mesa, AZ (1888PressRelease) June 28, 2009 - As a result of the real estate market in the Queen Creek area, many homeowners are now facing difficult decisions. Not only do they owe much more on their homes than they are worth, but some may have significant tax ramifications as a result of a foreclosure or a short sale.

“The situation has become very difficult for many taxpayers. Their homes were once viewed as their largest investment and now it feels as though they are crashing down on them,” said Paul B. Sundin, CPA. “As a result, they now must try to understand the tax consequences they may be facing and determine if the tax code has any relief for them.”

“Many taxpayers will find that relief exists for them, but only under certain circumstances. If relief is not available under the qualified principal residence exclusion, they may find help under the insolvency exclusion. Insolvency can be difficult to calculate even for people with a finance background. You must seek help in the Queen Creek area in the form of a CPA or other qualified tax professional.”

If you are going through a foreclosure or a short sale, you should be receiving a 1099-A or 1099-C at the end of the year. You must carefully review any 1099 you receive and notify the lender if any of the information shown is inaccurate or incomplete. You should also review the 1099s with a CPA or other tax professional to determine the tax consequences.

Paul B. Sundin is a CPA and he serves the Queen Creek, Arizona area. He provides assistance to people going through foreclosures and/or short sales. Specifically, he can help with:

• Analyzing 1099s for errors and inconsistencies;
• Calculating the gain/loss from the sale of the property;
• Determining whether you meet the debt cancellation exclusions;
• Calculating insolvency at the date of debt cancellation (if applicable); and
• Completing the required tax forms and disclosures.

He also provides income tax preparation and tax planning for business owners and individuals. Please see his website at www.sundincpa.com or you can contact him at 480-626-8043. He is a CPA and he serves the community of Queen Creek Arizona.

This release is solely intended for informational purposes and is not intended to be tax or legal advice. You should contact a CPA or other tax or legal professional to discuss your situation. To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein. Queen Creek AZ CPA.

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